Massachusetts Official Issues Report
Questioning Fairness of P&G Deal

By

William M. Bulkeley Staff Reporter of The Wall Street Journal

Updated June 28, 2005 6:06 p.m. ET

BOSTON -- Massachusetts Secretary of the Commonwealth William F. Galvin, who has been criticizing Gillette Corp.'s agreement to be acquired by Procter & Gamble for $53 billion, released a report that the state securities division commissioned from a business school professor that questioned the fairness of P&G's offer.

In March, the Securities Division asked Rajesh K. Aggarwal, associate professor of commerce at the University...